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http://hdl.handle.net/1942/13833
Title: | The ownership-performance relationship: agency issues in private family firms | Authors: | VOORDECKERS, Wim STEIJVERS, Tensie PEETERS, Ludo |
Issue Date: | 2012 | Abstract: | Using a cross sectional sample of 2863 family firms from the 1998 NSSBF database, we examine the relationship between family ownership and financial performance for small and medium-sized family firms with a chained-interaction model in which we combine authorship dispersion proxies with moderating management and family variables. Our results suggest that ownership dispersion has a positive influence on performance when the family firm is in a later generational stage, giving support to predictions put forth by agency cost models in private family firms (Schulze, et al., 2003). Our results also suggest that the zero agency-cost base case as described by Jensen and Meckling (1976) is in fact no zero agency cost case due to ignored agency costs in family firms. | Keywords: | ownership; performance; SME; family firm | Document URI: | http://hdl.handle.net/1942/13833 | Category: | R2 | Type: | Working Paper |
Appears in Collections: | Research publications |
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